Just one day after breaking down 3.62 support level, Capitaland broke down the next support at 3.40 last Friday. This morning, it further plunged through the psychological barrier of 3.30, traded as low as 3-year low of 3.28 this morning! It is now seriously oversold.

With penetration of the short term support 3.62 yesterday, Capitaland traded as low as 3.57, a low not seen since January 2006, continuing its trend downwards.

Its chart looks very bearish in the short term with more lower lows expected. It is not the right time to enter long on it at the moment. Selling short has a higher probability of making profit than going long.

Short term resistance is kept at 4.20, next support at 3.40.

Straits Asia Resources is apparently still in the down trend, trailing below the 20-day simple moving average (20-day SMA).

The recent low of 1.46 has turned into a near term support. If this support can be maintained, coupled with more trend reversal indications, 1.46 might turn out to be the bottom. One such bullish signal would be the breakout of the current resistance at 2.07.

In the meantime, Straits Asia will move within the range of 1.46 and 2.07 with the tendency geared towards down.

Singapore Tech Engineering (STENGG), a rare bullish counter in a largely negative market environment. Yes, STENGG seems to have emerged positive from the recent bottom of 2.48, a level that has now become a strong support. More confirmations are needed to ascertain its trend reversal though.

If STENGG is able to clear above the short term resistance of 2.91, more short term upside is expected.

Golden Agri-Resources Ltd (Golden Agri) has been appearing on the top volume list daily for many days already, but the high volume was mostly contributed by short selling. It is now in a very oversold territory. That does not mean it will not remain there any longer.

With Golden Agri breaking out 59.5 cents this morning, some signs of bottoming seems to have surfaced, provided it can maintain above the short term support at 54.5 cents.

If 54.5 cents is broken, the immediate support will be at 50 cents, followed by 40 cents.

To ascertain its trend reversal, more confirmation is required in days ahead. In the very short term, 65.5 cents resistance will be one such confirmation.

Capitaland is heading down towards the crucial support at 5.10 fast, in tandem of the weakness in the broader market.

As expected from technical view, Cosco is moving very fast downward to the next support at 2.80.

If Cosco can hold well at 2.80, it will be good news for long term investors. Otherwise, more lows will be expected.

Yangzijiang closed low at 76.5 cents yesterday, an all time low and strong support.

This morning, it opened gapped down at 75 cents, traded as low as 72.5 cents at the moment. With the support at 76.5 cents broken, there does not seem to have any support now, meaning more lows are expected going forward.